Therma Bright Inc. (OTCMKTS:TBRIF) (CVE:THRM) Stock Falls 5% In a Week: But Why?
Therma Bright Inc. (OTCMKTS:TBRIF) (CVE:THRM) is down 5% in a week. The smart-enabled AcuVid COVID-19 Rapid Antigen Saliva Test developer has announced that its Clinical Performance Study in the US is still ongoing.
Market Stats
On Thursday, TBRIF stock ended flat at $0.2909 with 27K shares, compared to its average volume of 25K shares. The stock has moved within a range of $0.2909 – 0.2909 after opening trading at $0.30.
Therma Bright Provides Update on U.S. Clinical Performance Study
The final findings will be communicated to the market and the US FDA for consideration of an Emergence Use Authorization after the company completes and tabulates the clinical findings. The company expects to complete the study by January 2022, per the 300 subjects under its IRB Clinical Trials portal.
CEO Rob Fia said their clinics and laboratories had been inundated with COVID-19 RT PCR screening due to the Omicron variant’s fast spread. As a result, this has led to several days of delays in receiving lab-based tests, slowing the process of matching each person’s AcuVid COVID-19 Rapid Antigen Saliva Test to their respective RT PCR test. But, most importantly, current results are quite promising, as the company appears to be the first to receive FDA EUA for a COVID-19 fast antigen saliva test. So, in the coming weeks, investors should watch TBRIF.
Key Quote
“We appreciate the patience of our clients, shareholders, and partners as they await the final results of our U.S Clinical Performance Study,” shared Rob Fia, CEO of Therma Bright. “Our goal is to complete this study in January 2022 within the 300 participants range per our IRB Clinical Trials dashboard. With the rapid spread of the Omicron variant, our clinics and their labs have been overwhelmed with a massive wave of COVID-19 RT PCR testing. This has caused delays in receiving these lab-based tests for several days, thus slowing down the process in matching each participant’s AcuVid™ COVID-19 Rapid Antigen Saliva Test with their specific RT PCR test. Current results are very promising, as we look to be the first COVID-19 rapid antigen saliva test to receive FDA Emergency Use Authorization.”
